The BlackRock Bitcoin ETF (IBIT) Seems Unstoppable

The BlackRock Bitcoin ETF (IBIT) has been smashing new records every single day while seeing its largest daily inflows at over $1 billion on Thursday.

The BlackRock Bitcoin ETF (NYSEARCA:IBIT) continues to break records with the largest daily inflows of over $1 billion on Thursday. Since launching in January, IBIT has seen total inflows of over $27 billion, making it one of the best ETF launches of 2024. The Federal Reserve's rate cut decision is said to be an additional catalyst behind these strong inflows.

On Thursday, total inflows into US spot Bitcoin ETFs were $1.371 billion as the nine ETFs absorbed 17,880 Bitcoins in a single day. This is almost 40 times the daily Bitcoin production of 450 BTC. The development comes a day after the Fed announced a 25 basis point interest rate cut.

11/7: U.S. Bitcoin ETFs purchased 17,880 Bitcoin (vs. 450 BTC mined) for $1.37 Billion USD

— HODL15Capital (@HODL15Capital) November 8, 2024

Once again, the BlackRock Bitcoin ETF (IBIT) played a major role, adding 14,607 Bitcoins to its holdings in a single day. Also, BlackRock's IBIT saw daily trading volume of $1.8 billion on Thursday, after hitting $4.1 billion the previous day. Here are the top four single-day inflows into IBIT this year.

Following Thursday's development, total assets under management for the BlackRcok Bitcoin ETF (IBIT) now amount to over $34 billion with 447,281 BTC holdings. For context, this is almost double the 252,220 BTC holdings of Michael Saylor's MicroStrategy. Besides BlackRock, Fidelity's FBTC saw $190 million in inflows on Wednesday, according to data from Farside Investors.

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